Success with Dollar Stores Requires Marketplace Information

Many who are seeking success with dollar stores are not aware of what is happening outside their own business.  They are not aware of changes in the marketplace, new buying trends, nor even the emergence of a new, well-managed competition in their own area.  While this inward focus can be a great way for those running a dollar store to stay on top of providing the best operational management for their business, it is often the outside world which turns a steady performing store into a store with big problems. 

By not being aware of the outside world, these owners may make incorrect assumptions and then decisions about how to right the problems they are experiencing.  Success with dollar stores requires you to always have your eye on the outside world.  Whether it is new products, price changes, new competition, or even changes in buyer trends, those running a dollar store cannot allow the outside world to go by unnoticed if they wish to maintain their own success with dollar stores.

It is important to stay linked to everything happening in the marketplace.  This can easily be accomplished by those running a dollar store.  Subscribe to quality newsletters, periodicals, and other relevant industry information.  Schedule your attendance for at least one of the larger industry trade events.  While there be sure to network with other store owners.  Also attend relevant seminars and training sessions while there.

Talk with your shoppers.  There is probably no better source than your shoppers for finding out what is happening in the outside world.  The good news is most of your loyal shoppers are happy to share this information with those who have a genuine interest.  It takes only a few minutes per day to gather information and feedback from shoppers as you are walking about your store.  Your cashiers can gain valuable store feedback and input regarding products just by asking as customers make their purchases.

Speak with wholesale supplier vendor representatives.  One of the key roles for those running a dollar store is to gather data about products and services shoppers seek.  It is about knowing the hot, new merchandise just coming to the marketplace.  It is about building relationships with those who have access to this type of information.  Some supplier representatives are very good at gathering exactly the information you seek.  Many will also willingly share the information they have with you.  All you need to do is ask and then carefully listen.